GOLD
OUTLOOK
Gold deepens its losses to its lowest level in a week due to the rise in US returns
Gold prices fell in the European market on Wednesday, deepening their losses for the fifth day in a row, recording the lowest level in a week, due to the rise in US Treasury bond yields and weak demand for non-trading assets.
Gold price starts pressure on the pivotal support level of 1924, waiting to break this level to confirm the continuation of the bearish wave that targets 1912 as a next negative station.
Thus, the bearish trend scenario will remain valid and effective, relying on stability above 1924, noting that exceeding the target level will extend the bearish wave to reach 1902 areas in the near term.
for reminder , stabilized above 1924 it will help the price to formed the correction to 1935 and then drop again in the short term
The expect range trading for today it will be between support line 1924 and resistance line 1935 until breaking one o them
Support line : 1924 , 1912
resistance line : 1935 , 1952
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold deepens its losses to its lowest level in a week due to the rise in US returns
Gold prices fell in the European market on Wednesday, deepening their losses for the fifth day in a row, recording the lowest level in a week, due to the rise in US Treasury bond yields and weak demand for non-trading assets.
Gold price starts pressure on the pivotal support level of 1924, waiting to break this level to confirm the continuation of the bearish wave that targets 1912 as a next negative station.
Thus, the bearish trend scenario will remain valid and effective, relying on stability above 1924, noting that exceeding the target level will extend the bearish wave to reach 1902 areas in the near term.
for reminder , stabilized above 1924 it will help the price to formed the correction to 1935 and then drop again in the short term
The expect range trading for today it will be between support line 1924 and resistance line 1935 until breaking one o them
Support line : 1924 , 1912
resistance line : 1935 , 1952
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
